Barclayloan PPI

[mk1979]

Hi guys,

 

In October 2007 I signed up to a 60 month Barclayloan which included PPI and was added as a single premium. I have a copy of the loan agreement and I am looking to reclaim the payments made to date and also ask that the loan is restructured, on the basis that the guy on the end of the phone gave me the 'If you take the insurance you can have the funds in your account tomorrow' speech.

I have read mixed things about whether to include PPI charges plus 8% or PPI charges at the loan rate (13.9%). Is this down to each individual case? Also, am I right in thinking that this process does not include court at any stage?;-

1) Write to B's, they say no,

2) Write again, threaten FOS

3) Write to FOS

Bank can say no, FOS can also say no > No further action....

 

All advice welcomed.

 

Thanks.

[alanalana]

Hello mk,

 

Hi guys,

In October 2007 I signed up to a 60 month Barclayloan which included PPI and was added as a single premium. I have a copy of the loan agreement and I am looking to reclaim the payments made to date and also ask that the loan is restructured, on the basis that the guy on the end of the phone gave me the 'If you take the insurance you can have the funds in your account tomorrow' speech.

I have read mixed things about whether to include PPI charges plus 8% or PPI charges at the loan rate (13.9%). Is this down to each individual case? Also, am I right in thinking that this process does not include court at any stage?;-

1) Write to B's, they say no,

2) Write again, threaten FOS

3) Write to FOS

Bank can say no, FOS can also say no > No further action....

 

All advice welcomed.

 

Thanks.

 

Best to start with a Subject Access Request.

 

Examples/templates here....

 

Full SAR for ppi

 

Data Protection Act 1998 - Subject Access Request

 

Once you have gathered all your data then you can start the reclaim.

 

Although you have a copy of your Consumer Credit Agreement you can request all data including terms and conditions attached to the CCA at the time of loan. A true copy of the CCA, notes taken at the point of sale. A Needs and Wants/ Customer duty of care questionnaire, example here....

 

http://wwwa.mbna.co.uk/insurance/files/CP0608_INSU_MB_LP_S.pdf

 

Tapes of telephone conversations or transcripts of the tapes. In fact every bit of data they hold on you as a data subject. See this....

For legal issues relating to Data Protection check this link...Lots of very useful info in understandable terms.

Data Protection | OUT-LAW.COM

 

it includes the following and much much more

Negotiating with the Data Subject (This should be important to Banks)

 

At this stage, it is advisable to negotiate with the data subject. The location information the data subject will have already given will give a clue as to what it is the data subject really wants to have information about. The benefit of the Data Protection Act 1998 is that it allows data controllers to negotiate with data subjects to get the data subject to specify the exact information he or she wishes to receive.

 

The data controller is entitled to ask for a fee of £10 and two further pieces of information. Firstly, the data controller must satisfy himself that the person making the request is, in fact, the data subject. The use of a subject access request form is advised, since the greatest breach of a data controller's security is for the data controller to satisfy a subject access request made by a person impersonating the data subject. The use of the form goes towards proving that the data controller has adequate identification and verification procedures in place. Secondly, the data controller is entitled to ask the data subject for further information to enable the data controller to locate the information which that person seeks.

 

When the last of these three pieces of information has been obtained, the forty day period starts to run. It is advisable to put procedures in place to ensure that the receipt of the request and the further information is correctly dated so that an organisation knows how long it has to satisfy the subject access request.

 

However, if the data subject is adamant that he or she wishes to receive a copy of everything the data controller holds on him or her, then there is very little the data controller can do about this, and a completely exhaustive search of the computerised and manually held data in the organisation will be required. (nice to know what you see in the Act is what you get)

 

Once you have all the information. Write reclaiming back your PPI payments made over however many months add on the contractual APR 13.9%.

 

If they do not respond withing 8 weeks or tell you they will not refund, you can go to the FOS and if that fails Court. Or you can go to Court but if you lose you then have no recourse to the FOS.

 

The FOS and/or Court will be likely to add on 8% Statutory interest from the time the loan started up to the day you accept settlement.

 

The FOS will insist that the PPI on your loan is cancelled before any settlement so make sure you have adequate cover. You can get cheaper PPI online just google Money Saving Expert and you should get recommended websites for PPI.

 

Hope this clarifies things for you;)

 

aa

[mk1979]

Alanalana,

 

Many thanks for the advice. Is there a way of calculating the impact that the single premium has had on my loan in the given period? Whilst I can apply for £47/Month + 13.9% interest over 17 months, there is still 43 months worth accruing interest on the loan's balance. I have not read any success stories for single premium policies and so I need to establish whether it is my responsibilty to provide accurate figures or if I should expect either B's or FOS to do the homework.....

 

I will print the letter, get £10 of postal orders and get this underway.

 

MK

[alanalana]

Alanalana,

 

Many thanks for the advice. Is there a way of calculating the impact that the single premium has had on my loan in the given period? Whilst I can apply for £47/Month + 13.9% interest over 17 months, there is still 43 months worth accruing interest on the loan's balance. I have not read any success stories for single premium policies and so I need to establish whether it is my responsibilty to provide accurate figures or if I should expect either B's or FOS to do the homework.....

 

I will print the letter, get £10 of postal orders and get this underway.

 

MK

 

The FOS will have a formula to work out what is due as they did with me but to be sure I insisted the bank provided a full list of all the calculations. If you are still not happy you can send the calculations to the FOS for confirmation.

 

I would let the bank and the FOS do the sums, make sure you get copies from the bank and if you wish pass them to the FOS for final confirmation if you are not happy with the figures. Of course you will not get the figures from the bank until after settlement. This will mean you would need to lodge another complaint with the FOS stating you were unhappy with the figures provided but of course this will cost barclayloan another £500 FOS fee.

 

aa

 

PS pompeyfaith is good with interest and spreadsheets and my be able to help if you can PM him and as you are just embarking on the SAR you have 40 days to ask him to help.

Edited May 26, 2009 by alanalana
ps added

[mk1979]

After a long wait and hearing absolutely nothing I opened an envelope this morning to find my letter, a £10 postal order and a Barclays compliment slip with the words 'No payee on cheque' written on it.

 

It was not even a cheque!

 

I suppose I make it out to Barclays Bank PLC - though if that is wrong I will have to wait another 40+ days to find out.

 

Idiots

[alanalana]

After a long wait and hearing absolutely nothing I opened an envelope this morning to find my letter, a £10 postal order and a Barclays compliment slip with the words 'No payee on cheque' written on it.

It was not even a cheque! You have to admit they are clever. Banks must have been to mis-sell PPI to the tune of £1.4billion +

 

I suppose I make it out to Barclays Bank PLC - though if that is wrong I will have to wait another 40+ days to find out.

 

Idiots

 

They have taken their time then

 

They will pick up on anything to delay the process but do not be put off by anything the banks say. They will deny liability and use any and every method to put you off claiming.

 

Why because the Financial Ombudsman Service is upholding 90% of claims and they know they are on a hiding to nothing if the FOS get a complaint lodged against them.

 

A small delay so small problems crop up, but in the end keep at them and you will in all events have a success (90%) chance anyway.

 

aa

[mk1979]

To make sure I was making the PO payable to the correct people I called Barclays telephone banking. I also asked them to confirm where the letter should be directed. The first guy gave me a number for the insurers in Dublin. I called back and spoke to another chap who suggested the customer contact centre in Coventry could deal with it and on third time lucky I was given an address in Leicester.

 

What a bunch of jokers !

[mk1979]

OK, the stuff has now been sent to my branch and I have to go to pick it up. In the meantime I have been trying to get an idea of the figures involved. I have downloaded the 'Single Premium Calculator' but the results have me puzzled.

 

Ball park figures ; £8.5k loan, £2k PPI over 60 months...

 

24 monthly payments of £247 made to date (PPI = £46/month)

 

APR 13.9%

 

So....

 

1) Do I put my hand out for the £2,000 that was added to the loan at the beginning PLUS interest PLUS what I have paid to date, or

 

2) Do I approach them and ask for the 24 payments of £46 back and expect them to do the necessary with the balance / unpaid PPI left on the loan?

 

The calculator suggests that I should get between £2,900 and £3,200 back but I cannot see where those numbers fit in to things

 

Please help !

 

MK

[alanalana]

OK, the stuff has now been sent to my branch and I have to go to pick it up. In the meantime I have been trying to get an idea of the figures involved. I have downloaded the 'Single Premium Calculator' but the results have me puzzled.

 

Ball park figures ; £8.5k loan, £2k PPI over 60 months...

 

24 monthly payments of £247 made to date (PPI = £46/month)

 

APR 13.9%

 

So....

 

1) Do I put my hand out for the £2,000 that was added to the loan at the beginning PLUS interest PLUS what I have paid to date, or

 

2) Do I approach them and ask for the 24 payments of £46 back and expect them to do the necessary with the balance / unpaid PPI left on the loan?

 

The calculator suggests that I should get between £2,900 and £3,200 back but I cannot see where those numbers fit in to things

 

Please help !

 

MK

 

 

IMO you should reclaim 24 monthly payments of £46 plus you should ask for the contractual interest at whatever rate they charged. (You will be unlikeley to get this CI as the FOS seem to be only allowing the addition of 8% statutory interest on top of the premiums you have paid). I believe this is totally unfair if a single premium PPI has been added to the loan and Contractual Interest charged by the creditor. I believe this CI should be recoverable but it seems some banks will pay others will not and the FOS seem at the moment to be totally undecided on the issue.

 

Hopefully things will change to put the debtor back in line and in the position he/she would have been in without any PPI added. There is still a long way to go for a final resolution to the PPI mis-selling issue.

 

aa

[mk1979]

Thanks for the response.

 

I have read a vast amount of queries from people in my situation and the outlook does not look good, i.e. :

 

If I ask them to cancel the PPI and refund the payments made to date I fully expect them to re-arrange a new loan using the balance as of 'Today', yet

 

24 monthly payments of £247 have made little in-roads to the £8k balance (Due to the way in which the loan interest is 'Paid off' first) and it is still over £7k as I write this.....

 

SO - Instead of paying 'Interest on interest' (i.e. Getting a loan to settle an exisiting loan plus its interest) should I just sit this out and look to reclaim further down the line?

 

You would think that they would restructure the loan based on the day one figure, minus the PPI and payments made to-date but as yet I have not read anywhere that this is possible.

[mk1979]

Update on this....

 

Barclays have provided me with what they see as the requested information, I am guessing that there are around 3000-5000 A4 pages in total.

 

I used the template letter from here, has anyone else had any such problems? I expected to get the completed loan application forms, not pages and pages of blurb which is going to take me an absolute age to browse.....

 

It has taken me months to get to this stage and now its back to square one!

 

 

MK

[alanalana]

Update on this....

 

Barclays have provided me with what they see as the requested information, I am guessing that there are around 3000-5000 A4 pages in total.

 

I used the template letter from here, has anyone else had any such problems? I expected to get the completed loan application forms, not pages and pages of blurb which is going to take me an absolute age to browse.....

 

It has taken me months to get to this stage and now its back to square one!

 

 

MK

 

This is the latest bank strategy. Send thousands of pages to comply with the SAR request. Shuffle them before posting to the consumer and try and mix in the odd different account number as happened to me with LTSB.

 

If you are missing information such as the application forms, consumer credit agreements or anything else then you should send a letter of non compliance back.(see this these templates Data Protection Act - Non-Compliance - Template Letters) and then complain to the Information Commissioners Office for them failing to comply fully with the Data Protection Act 1998.

 

aa

[mk1979]

Update here - I have looked through everything that they sent me but there is no sign of the original application form(s).

 

I have read elsewhere that I can put my claim in writing at this stage - is that correct ? Is the original application form an essential weapon in the PPI war ?

 

I have just scrolled back through to see that my original post was in May of last year, yikes!

 

The course of action suggested (Template letters) threatens court action within seven days but I would not have a clue where to start with all that business.

 

Happy New Year and as always any help would be much appreciated, I am getting nowhere fast with this whole issue.

[alanalana]

Update here - I have looked through everything that they sent me but there is no sign of the original application form(s).

 

I have read elsewhere that I can put my claim in writing at this stage - is that correct ? Is the original application form an essential weapon in the PPI war ?

 

I have just scrolled back through to see that my original post was in May of last year, yikes!

 

The course of action suggested (Template letters) threatens court action within seven days but I would not have a clue where to start with all that business.

 

Happy New Year and as always any help would be much appreciated, I am getting nowhere fast with this whole issue.

 

If barclayloan have offered you the Financial Ombudsman Service route then that is fine GO FOR IT if they have not responded to your claim within 8 weeks and it seems they have not then the FOS again. It will take months but if you have a valid mis-selling claim you should have success as 90% of claims are successful and with Barclays I think the result is even higher.

 

So if they have not given you a satisfactory response within 8 weeks of the original claim or they have said that they will not respond further bang in a complaint to the FOS.

 

I will be doing this soon on behalf of OH as barclays have more or less said they will need longer than the 8 weeks so we could now go to the ombudsman and this is the action for us tomorrow.

 

aa

[mk1979]

Situation is ;

 

1)Wrote to Barclays, they waited until 30+ days were up before returning my postal order

 

2) Re-sent the PO's. They responded by sending me piles up on piles of paperwork, none of which was the document that I had asked for.

 

3) Here I am.

 

In their defence (And I do not want to defend them :grin:) - the letter did say something about 'If the documents that you were expecting are not among these....' and I have the option of going back to them on that front, I suppose.

 

I still seem to have 3/4 choices of how to proceed - Threaten court action, ask for a refund without the application form, FOS (Again, I don't know where to start with that) or let someone else take this up on my behalf and pay them a percentage.

 

EEK

[alanalana]

Situation is ;

 

1)Wrote to Barclays, they waited until 30+ days were up before returning my postal order

 

2) Re-sent the PO's. They responded by sending me piles up on piles of paperwork, none of which was the document that I had asked for.

 

3) Here I am.

 

In their defence (And I do not want to defend them :grin:) - the letter did say something about 'If the documents that you were expecting are not among these....' and I have the option of going back to them on that front, I suppose. (You must chase them for the documents and if they do not produce them complain to the Information Commissioners Office about the missing documentation with regard to the Data Protection Act 1998.

 

I still seem to have 3/4 choices of how to proceed - Threaten court action, ask for a refund without the application form, FOS (Again, I don't know where to start with that) or let someone else take this up on my behalf and pay them a percentage.

 

EEK

 

Barclays are playing very clever.

 

I have today just lodged a complaint with the FOS about their failure to respond to a claim for mis-sold PPI and I have lodged a complaint with the ICO about barclays failure to supply the Consumer Credit Agreement and also the Demands and Needs questionnaire.

 

The FOS info will no doubt arrive within a couple of days and then the forms with bundle of letters and fob offs will be heading to the Ombudsman.

 

It is paramount that you keep at barclays as they are allegedly one of the worst institutions when it comes to PPI and reclaiming. They will delay as in my case but the FOS are upholding claims against them for at least 90 to 98% on mis-selling PPI.

 

Keep at them is all i can advise and keep posting your progress.

 

aa

[ncf355]

Menatl considering someone on the M S E PPI Success threads is reporting a Barclaycard payout of a mammoth 20k across 2 accounts!

[mk1979]

Update on this.

 

I wrote to Barclays highlighting the fact that no details relating to the loan application were included in the piles of blurb that they supplied me with in November. On this occasion they replied almost immediately - predictably the tone of their letter is somewhat sarcastic.

I used the SAR template letter on here - that may have been my first mistake, as they point out "Your letter of ___ was construed as a comprehensive request for information under the terms of the act" - this would appear to be the reason for them sending half a trees worth of paperwork.

In terms of my specific request for information relating to the loan, they point out "... it is not available under the terms of the act or it was not retained by the bank" (If it was not among what was given to me in November - which it was not ).

 

I guess I am ready to prepare the 'I want X' letters now, given that I am not going to be provided with the CCA or Demands and Needs documents?